Since the Chinese New Year, the domestic supply of adipic acid has gradually recovered However, the operating rate has been maintained at a low level, and the supply on the market continues to be limited. The manufacturers who hold the goods have no inventory pressure, and the supply side is positive for the market trend. However, the crude oil market on the raw material side continued to fluctuate and go down after the Spring Festival, causing the price of pure benzene in the upstream to fluctuate and drop. As of February 7, the spot price of pure benzene was 6750-6770 for reference, with an average price of 6760 (unit: yuan/ton) .
Let’s take a look at the settlement of adipic acid:
2023The settlement situation in January: Liaohua—10700; Huafon, Tianli, Zhonghao, Haili—10600.
2023Listing situation in February: Liaohua—12100; Huafon, Tianli, Zhonghao, Haili—12000. (unit: yuan/ton)
From the linked settlement market, it can be seen that the large Chinese adipic acid manufacturers are very strong The market attitude is clear, but although the downstream demand side has gradually recovered recently, the trading atmosphere in the market still needs to be further improved, and the downstream is mainly contracted or just-needed purchases. Most downstream manufacturers mainly take a wait-and-see attitude, and the follow-up of actual orders is relatively limited.
As of February 7th, the mainstream price of adipic acid in East China market refers to 10700- 11,000 yuan/ton, delivery upon acceptance. The supply side of adipic acid has been operating at around 60% in recent days, and the main factories may have short-term maintenance shutdown plans in February. It is expected that the supply in the future will remain tight. The downstream market, such as shoe sole solution and slurry market, is temporarily running stably. Although TPU is slightly boosted, it is still not as expected, and the overall recovery of the downstream is relatively slow. But on the whole, the price of adipic acid still has room to rise. In the follow-up market trend of adipic acid, it is necessary to pay attention to the fluctuation of pure benzene price, the maintenance dynamics of production equipment and the recovery of downstream demand.
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